Kelly Ernst

Niagara Falls

Editor, Personal Finance at CNET

Wannabe revolutionary, improvement junkie, hater of the 9-5 and lover of all things snarky. That's right, spell check. Snarky is a word.

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Articles

What the Fed's Pause on Rate Cuts Means for Savings Account, CD Rates

1 week ago | cnet.com | Kelly Ernst |Toni Husbands

Federal Reserve policymakers voted to hold interest rates steady today, pausing rates for the fourth time this year. In its postmeeting statement, the Fed summarized its findings by noting slightly elevated inflation and a low unemployment rate, though the economic outlook remains uncertain. The latest decision means that households, which have been facing budget strains and increased living expenses, will continue to contend with high borrowing costs, from credit card APRs to mortgages.
CDs Are Still Paying Big Interest on Your Savings This Summer -- Before Fed Cuts Rates

1 week ago | cnet.com | Kelly Ernst

The other day, I found myself staring at my static savings account balance, kind of like when you open the fridge for the fifth time, hoping something new will appear. My money was just sitting there in the bank, earning next to nothing. That's when I realized I wasn't taking advantage of the moment. All the financial headlines talk about interest rates being at 20-year highs. We're living in a rare period with certificates of deposit offering yields we haven't seen in over a decade.
Here's the Secret I Learned About Opening a CD at Just the Right Time

2 weeks ago | cnet.com | Kelly Ernst

I used to be clueless about certificates of deposit before I became a personal finance editor. Then I learned how interest rates work, and I realized that timing is everything. The Fed held rates steady at its last three meetings, and it's likely to keep interest rates the same during its upcoming meeting next week. Experts say the central bank might start cutting rates later this year, possibly in fall or winter.
I’ve Been Analyzing CD Rates for Years. Here’s the Best Time to Open One

2 weeks ago | cnet.com | Kelly Ernst

For years, I've been monitoring interest rates on certificates of deposit, a type of low-risk savings account that grows your money over a set term. Maybe it's not the most exciting part of my job as a personal finance editor, but I've learned a thing or two about investment tools. It's all about timing. CDs offer fixed returns no matter when you open them. But being strategic about your timeframe can help you reap the biggest earnings.
ChatGPT Built a Budget for Me ASAP, but It Has Several Limitations

3 weeks ago | cnet.com | Kelly Ernst

Artificial intelligence can help you manage your money in lots of different ways. It can show you how to cut grocery costs, save for a vacation and even negotiate your bills. But just because it can doesn't necessarily mean it succeeds. And with something as important as your finances, it's essential to know where it falls short. Last year, I asked ChatGPT to help me create a budget, a task that can be tedious and overwhelming. It was useful in some ways, but not so great in others.
Rocket Money Haggled With Spectrum for Me. Now I Pay Less and Browse Faster

3 weeks ago | cnet.com | Kelly Ernst

Budget surprises are rarely welcome. Which is why I was delighted to find an email in my inbox from my budgeting app, Rocket Money, telling me it had reduced my Spectrum bill and increased my internet speed. Better yet, I didn't even know it was negotiating this deal for me. It had saved me on my Spectrum bill last year when I asked it to, but I hadn't asked it to renegotiate this year. The app just did it and informed me of its success. Read more: Drowning in Subscriptions?
I'm Skipping Summer Vacation. A CD Is Helping Me Save for Next Year's Vacation Instead

3 weeks ago | cnet.com | Kelly Ernst

This summer, the only beaches I'm visiting are local ones. They're not Instagram-worthy or all that exciting. But with the cost of everything out of control and the economy likely headed for a downturn, I can't justify splurging on travel to far-off destinations. Instead, I'm prepping for next year's vacation. I'm taking the travel fund I've already saved up and putting it into a nine-month certificate of deposit with a 4.25% annual percentage yield to help me realize my vacation dreams next year.
Don't Pull Your Retirement Savings From the Stock Market Without Reading This First

4 weeks ago | cnet.com | Kelly Ernst

Stock market drops can be scary, especially when your retirement savings are affected. Following last month's market plummet, many investors are understandably nervous about keeping their nest egg in something as volatile as stocks. But does that mean you should move your money into lower-risk assets like certificates of deposit? Not so fast, experts say. "Stocks and CDs play very different roles in a well-diversified investment portfolio.
Wait! Don't Move Your Retirement Fund From the Stock Market to a CD Before Reading This

1 month ago | cnet.com | Kelly Ernst

Last month's stock market drop was scary, especially if some of your retirement savings are in stocks. And while the market may have recovered, many investors are still shaken. If you're wondering whether you should pull your money out of your 401(k) or other retirement account and put it in a certificate of deposit, it's understandable. But before you make any drastic moves, consider what the experts have to say.
You Could Earn $400 (or More) if You Invest in This CD

1 month ago | cnet.com | Kelly Ernst

If you're thinking of opening a certificate of deposit, it pays to shop around. Big banks aren't the only places that offer great rates -- you can often find top APYs by expanding your search to online banks and credit unions. Right now, the highest APY for CDs we track at CNET is 4.40%, and it's offered by CommunityWide Federal Credit Union's one-year CD. To give you an idea of how much that can net you, here's a look at your interest earnings if you deposit different amounts into this account.